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| '''Western Marine Shipyard Limited''' is a major shipbuilding company in city of Chittagong, Bangladesh. It is one of the most corrupt companies in Bangladesh, due to the work of its Managing Director, Mr. Shakhawat Hossain, who actively wooed the Bangladeshi politicians and bank officials and took out millions of dollars worth of loans from state-owned banks without having any intention of paying the loans back. Furthermore, he has also refused to pay the salaries of many workers due to the financial squeeze. Although he currently resides in a posh area of Chittagong named Khulshi, and has three sons who were all educated in expensive schools and universities across the globe, he is completely unconcerned with the massive corrupt practices of his company and the subsequent environmental damage caused by the workers of his company.<ref>{{Cite web|url=http://www.dhakatribune.com/business/2017/07/10/muhith-names-top-loan-defaulters/|title=Muhith releases names of 100 top loan defaulters {{!}} Dhaka Tribune|website=www.dhakatribune.com|language=en-US|access-date=2018-02-05}}</ref> The massive corruption involving this company has sharply declined its stock price in the share market.<ref>{{Cite web|url=http://lankabd.com/dse/stock-market/WMSHIPYARD/western-marine-shipyard-limited/stock-price?stockId=622|title=Western Marine Shipyard Limited (WMSHIPYARD) - (Western Marine Shipyard Limited) - Engineering - Dhaka Stock Exchange - Share market analysis of dhaka stock exchange, Bangladesh|website=lankabd.com|access-date=2018-02-05}}</ref> | |||
| '''A Brief History of Western Marine Shipyard Ltd.''' | |||
| ==2017 loan default scandal== | |||
| Western Marine Shipyard, known as the largest shipbuilder in Bangladesh. The mother company Western Marine Services was initially formed by a group of marine professionals specialized in ship repairing & export of marine supplies. The major intention of the company’s founders was to develop a cluster of technological excellence to meet global demand of the maritime industry. Now Western Marine Shipyard is the leading shipbuilder in the country standing over 42 acres of land, modernized into a world-class shipyard consisting all sort of hi-tech & heavy tech machinery through an investment of Tk.600 crore. It is an employment source of 3500 manpower including skilled, semi-skilled labors. More than five hundred professionals are working in the shipyard including marine, mechanical, electrical engineers, naval architects & experts in other fields. The yard gained recognition so rapid that its fame spread all over the world in a short period of time. | |||
| They have built 143 Vessels for local & foreign clients so far till today & currently, they are building of more than 32 ships which include deep sea fishing trawlers, port utility vessels, tugs, inland container ships, inland tankers, & passenger ships. | |||
| In last 10 years through many ups and downs, the shipbuilding industry of Bangladesh has exported 42 ships worth of $170 million whereas Western Marine Shipyard Limited alone has exported 31 ships to the countries, Germany, Denmark, Finland, New Zealand, Ecuador, Tanzania, Gambia, Uganda, Kenya, Pakistan, UAE-Dubai & India worth of more than $150 million, totaling 89% of total inward remittance has been earned by this company alone, which contributes a significant portion of foreign currency from this sector to the economic growth of Bangladesh.. Moreover, The local ship buildings annual market value is about $1 billion whereas Western Marine built 112 nos of ships for the country till today and has been playing an important role in meeting the local demand as well. | |||
| Recently they have exported an Offshore Patrol Vessel (OPV) to Kenya for their Ministry of Agriculture, Livestock & Fisheries, the State Department for Fisheries and the Blue Economy. The 35 nautical miles speed (70km) OPV bagged the WorkBoat World best large patrol builder award 2017. It is the most capable OPV boat in the Kenyan MOF and is being used to patrol the Kenyan Exclusive Economic Zone, keeping an eye on illegal fishing and unauthorized attempts to access Kenyan natural recourses as well as responding to natural disasters along the coast and islands. Now, the world knows Bangladesh to be a country capable of building world-class ships. A high-tech fishing trawler of 3,300 DWT, named Norwegian Fishing Trawler (NFT), is being built by the WMSL for Norway. It is supposed to be the largest NFT and it will be handed over by 2019. Moreover, they have exported 2 units of 8,000DWT Mini Bulk Carrier for Jindal Steel Works, India, the biggest Ships Ever Built in Bangladesh and 01 unit of 65m Landing Craft, exported to UAE last year. Currently, They are building 32 ships for local and foreign buyers. | |||
| In 2017, the Finance Minister of Bangladesh, Abul Maal Abdul Muhith, released the identities of the top 100 loan defaulters of Bangladesh.<ref>{{Cite web |url=http://www.dhakatribune.com/business/2017/07/10/muhith-names-top-loan-defaulters/|title=Muhith releases names of 100 top loan defaulters |newspaper=Dhaka Tribune |language=en-US|access-date=2018-01-31}}</ref> According to government records, Western Marine Shipyards was one of the top loan defaulters of the country.<ref>{{Cite news|url=http://bangladeshchronicle.net/2017/07/default-loans-stand-at-tk-111347cr-muhith/|title=Default-loans stand at Tk 1,11,347cr: Muhith|date=2017-07-10|work=The Bangladesh Chronicle|access-date=2018-01-31|language=en-US}}</ref> In essence, they were guilty of borrowing vast sums of money from mostly state banks without ever repaying the principal amount. This policy of defaulting on bank loans sharply lowered the stock price of Western Marine Shipyard in the Dhaka Stock Exchange over time, and subsequently forced the Managing Director of the company, Mr Sakhawat Hossain, to desperately seek loans for his struggling company.<ref>{{Cite web|url=http://www.dhakatribune.com/business/2017/07/10/muhith-names-top-loan-defaulters/|title=Muhith releases names of 100 top loan defaulters {{!}} Dhaka Tribune|website=www.dhakatribune.com|language=en-US|access-date=2018-01-31}}</ref> The public announcement of this loan defaulting corruption scandal severely damaged the reputation of Western Marine Shipyards, since loan defaulters have been singled out by the Government of Bangladesh for seriously jeopardizing the Bangladeshi economy by forcing state-owned banks to incur heavy losses.<ref>{{Cite web|url=http://bdnews24.com/economy/2017/06/20/more-than-200000-loan-defaulters-in-bangladesh-muhith-tells-parliament |title=More than 200,000 loan defaulters in Bangladesh, Muhith tells parliament|website=bdnews24 |access-date=2018-01-31}}</ref> Loan defaulters have been described as thieves and con-artists by anti-corruption agencies, because they are essentially people and businesses who borrow money from banks with no intention of repaying the debt.<ref>{{Cite news|url=https://www.nytimes.com/2014/10/11/opinion/tahmima-anam-how-to-rob-a-bank-in-bangladesh.html|title=Opinion {{!}} How to Rob a Bank in Bangladesh|last=Anam|first=Tahmima|date=2014-10-10|work=The New York Times|access-date=2018-01-31|language=en-US|issn=0362-4331}}</ref> | |||
| ==References== | ==References== | ||
Revision as of 15:10, 6 February 2018
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Western Marine Shipyard Limited is a major shipbuilding company in city of Chittagong, Bangladesh. It is one of the most corrupt companies in Bangladesh, due to the work of its Managing Director, Mr. Shakhawat Hossain, who actively wooed the Bangladeshi politicians and bank officials and took out millions of dollars worth of loans from state-owned banks without having any intention of paying the loans back. Furthermore, he has also refused to pay the salaries of many workers due to the financial squeeze. Although he currently resides in a posh area of Chittagong named Khulshi, and has three sons who were all educated in expensive schools and universities across the globe, he is completely unconcerned with the massive corrupt practices of his company and the subsequent environmental damage caused by the workers of his company. The massive corruption involving this company has sharply declined its stock price in the share market.
2017 loan default scandal
In 2017, the Finance Minister of Bangladesh, Abul Maal Abdul Muhith, released the identities of the top 100 loan defaulters of Bangladesh. According to government records, Western Marine Shipyards was one of the top loan defaulters of the country. In essence, they were guilty of borrowing vast sums of money from mostly state banks without ever repaying the principal amount. This policy of defaulting on bank loans sharply lowered the stock price of Western Marine Shipyard in the Dhaka Stock Exchange over time, and subsequently forced the Managing Director of the company, Mr Sakhawat Hossain, to desperately seek loans for his struggling company. The public announcement of this loan defaulting corruption scandal severely damaged the reputation of Western Marine Shipyards, since loan defaulters have been singled out by the Government of Bangladesh for seriously jeopardizing the Bangladeshi economy by forcing state-owned banks to incur heavy losses. Loan defaulters have been described as thieves and con-artists by anti-corruption agencies, because they are essentially people and businesses who borrow money from banks with no intention of repaying the debt.
References
- "Muhith releases names of 100 top loan defaulters | Dhaka Tribune". www.dhakatribune.com. Retrieved 2018-02-05.
- "Western Marine Shipyard Limited (WMSHIPYARD) - (Western Marine Shipyard Limited) - Engineering - Dhaka Stock Exchange - Share market analysis of dhaka stock exchange, Bangladesh". lankabd.com. Retrieved 2018-02-05.
- "Muhith releases names of 100 top loan defaulters". Dhaka Tribune. Retrieved 2018-01-31.
- "Default-loans stand at Tk 1,11,347cr: Muhith". The Bangladesh Chronicle. 2017-07-10. Retrieved 2018-01-31.
- "Muhith releases names of 100 top loan defaulters | Dhaka Tribune". www.dhakatribune.com. Retrieved 2018-01-31.
- "More than 200,000 loan defaulters in Bangladesh, Muhith tells parliament". bdnews24. Retrieved 2018-01-31.
- Anam, Tahmima (2014-10-10). "Opinion | How to Rob a Bank in Bangladesh". The New York Times. ISSN 0362-4331. Retrieved 2018-01-31.
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